What is the best practice for building a component that can display content in three different layouts?

Using one component with rendering parameters is the best practice for building a component that can display content in three different layouts because it promotes reusability and maintainability. By leveraging rendering parameters, developers can customize the component's appearance and behavior without replicating the entire component structure. This approach keeps the codebase cleaner and reduces redundancy, making it easier to manage and update the component in the future.

When you use rendering parameters, you can control various aspects of the component's layout dynamically based on the parameters provided, thus allowing the same underlying logic and structural framework to cater to multiple layout presentations. This not only streamlines development but also adheres to the principles of modularity and flexibility, which are essential in modern web development practices.

In contrast, creating three separate components leads to duplication and complicates future changes since any modification would require updates across multiple files. Designing a flexible template can be useful, but it may introduce complexity that could be handled more efficiently through rendering parameters. Utilizing a single layout with static HTML would limit scalability, making it difficult to adapt to future layout changes or requirements.